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Full form of IASB
  • a)
    International Accepted Standard Board
  • b)
    International Accounting Standard Board
  • c)
    Indian Accounting Standard Board
  • d)
    International Accounting Statements Board
Correct answer is option 'B'. Can you explain this answer?
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Full form of IASBa)International Accepted Standard Boardb)Internationa...
IASB: International Accounting Standard Board

The International Accounting Standard Board (IASB) is an independent organization that develops and publishes accounting standards for financial reporting. It was established in 2001 to replace the International Accounting Standards Committee (IASC).

Functions of IASB

IASB is responsible for developing and issuing International Financial Reporting Standards (IFRS) that are followed by companies globally. The primary functions of IASB are:

1. Developing and issuing IFRS: IASB develops and issues IFRS, which are principles-based accounting standards that provide guidance on financial reporting. These standards are used by companies to prepare their financial statements.

2. Updating existing IFRS: IASB updates existing IFRS to ensure they remain relevant and useful to companies. The board also issues interpretations of IFRS to provide guidance on specific accounting issues.

3. Promoting the use of IFRS: IASB promotes the use of IFRS by working with national standard-setting bodies, regulators, and other stakeholders.

4. Convergence with US GAAP: IASB is also working to converge IFRS with US Generally Accepted Accounting Principles (GAAP) to create a single set of high-quality global accounting standards.

Importance of IASB

The IASB plays a vital role in promoting transparency and consistency in financial reporting globally. Its standards are used by companies to prepare their financial statements, which are then used by investors, analysts, and regulators to make informed decisions. IASB's efforts to converge IFRS with US GAAP will help reduce the complexity and cost of financial reporting for multinational companies.

Conclusion

In summary, the International Accounting Standard Board (IASB) is an independent organization that develops and publishes accounting standards for financial reporting. Its primary functions include developing and issuing IFRS, updating existing IFRS, promoting the use of IFRS, and converging IFRS with US GAAP. The IASB plays a crucial role in promoting transparency and consistency in financial reporting globally.
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Full form of IASBa)International Accepted Standard Boardb)Internationa...
International Accounting Standard Board (IASB) is an independent, private-sector body (previously known as IASC), based in London. IASB is committed to develop and approve a single set of global accounting standards (that is known as International Financial Reporting Standards), which require transparent and comparable information in general purpose of financial statement
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Read the following hypothetical Case Study and answer the given questions:The financial statements, comprising the Trading A/c, Profit & Loss Account, Balance Sheet and Cash Flow Statement, that are prepared from the accounting information are published for the use by different entities, persons, etc. It is therefore essential that the published information is based on defined principles, concrete concepts and conventions. Accounting principles are the basic guidelines that provide standards for accounting practices and procedures to be followed, so that uniformity in accounting transactions is maintained. Accounting concepts are the assumptions on the basis of which financial statements are prepared. Accounting conventions emerge out of the accounting practices that have been followed by various organizations, over a period of time. The generally accepted accounting principles are generally accepted accounting standards. The concepts on the basis of which the financial statements are prepared and are agreed upon by the accountants, acting as a foundation for accounting are called accounting concepts. They are uniform set of rules for uniformity and understandability of accounting information. They are derived from experience. They are not static. It needs to satisfy relevance, objectivity and feasibility. The going concern concept assumes that the enterprise has neither any intention nor any necessity to close the business and will last for a long time. It enables the firms to enter into long term contracts. It enables for the charge or depreciation on assets which have fixed life. Due to this concept prepaid expenses are treated as assets. It helps in the classification of assets and liabilities. According to Consistency concept, the accounting principles and methods should be consistent. It should not vary every year. It enables to compare the financial stability of the business. There needs to be consistency in valuation of stock, depreciation and provisions, to enable better decision making by the management. It doesn’t mean that the accounting methods should not change, but the nature and effect and the reason for change should be stated.What are Accounting Principles also called?

Read the following hypothetical Case Study and answer the given questions:The financial statements, comprising the Trading A/c, Profit & Loss Account, Balance Sheet and Cash Flow Statement, that are prepared from the accounting information are published for the use by different entities, persons, etc. It is therefore essential that the published information is based on defined principles, concrete concepts and conventions. Accounting principles are the basic guidelines that provide standards for accounting practices and procedures to be followed, so that uniformity in accounting transactions is maintained. Accounting concepts are the assumptions on the basis of which financial statements are prepared. Accounting conventions emerge out of the accounting practices that have been followed by various organizations, over a period of time. The generally accepted accounting principles are generally accepted accounting standards. The concepts on the basis of which the financial statements are prepared and are agreed upon by the accountants, acting as a foundation for accounting are called accounting concepts. They are uniform set of rules for uniformity and understandability of accounting information. They are derived from experience. They are not static. It needs to satisfy relevance, objectivity and feasibility. The going concern concept assumes that the enterprise has neither any intention nor any necessity to close the business and will last for a long time. It enables the firms to enter into long term contracts. It enables for the charge or depreciation on assets which have fixed life. Due to this concept prepaid expenses are treated as assets. It helps in the classification of assets and liabilities. According to Consistency concept, the accounting principles and methods should be consistent. It should not vary every year. It enables to compare the financial stability of the business. There needs to be consistency in valuation of stock, depreciation and provisions, to enable better decision making by the management. It doesn’t mean that the accounting methods should not change, but the nature and effect and the reason for change should be stated.________ are the generally accepted rules and assumptions that assist accountants in the preparation of financial statements.

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Full form of IASBa)International Accepted Standard Boardb)International Accounting Standard Boardc)Indian Accounting Standard Boardd)International Accounting Statements BoardCorrect answer is option 'B'. Can you explain this answer?
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